Creating Nominal Accounts | Scribe

    Creating Nominal Accounts

    • Annmarie |
    • 21 steps |
    • 49 seconds
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    The below steps will guide you in creating Nominal Codes such as Income, Expenditure and Current Assets.
    1
    Navigate to [https://www.myfundaccounting.online](https://www.myfundaccounting.online/dashboard)

    Nominal Accounts

    2
    Click "Create"
    3
    Click "Accounts Assistant"
    4
    Click "Nominal Accounts"
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    Alert! Reserve codes are used to manage your accounts. It is not necessary to add to or edit these codes
    5
    There are six types of account headings. As you move the pointer over an option the text on the left of the screen will explain that option: **Type** -Example **Income** - Donations **Expenditure** - Electricity **Fixed assets** - Mini bus **Current assets** - Bank account **Liabilities** - Loan (from the bank) **Reserves** - Double entry accounting term
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    You can use the ‘reference list’ report from the reports menu to print a list of all your nominal accounts to check whether the account you are about to create already exists

    Income and Expenditure Accounts

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    Click "Income"
    7
    Click "Add New"
    8
    Enter the description of your income heading and a code for example ‘Donations' as the description and ‘0101’ as the account code.
    9
    Click the appropriate heading and click OK. You can find guidance on the SORP and relevant headings by going to [www.charitysorp.org](http://www.charitysorp.org)
    10
    You can ignore the ‘**Preferred fund**’ box unless you want a particular fund to appear automatically when you use this income code - in our example we may want ‘Donations’ to normally go to the Building Restricted Fund so that would be the preferred fund. You can change this preferred fund at any time. When you enter a transaction against this account, you can always select a different fund if required.
    11
    You can enter any notes about the account here.
    12
    If you are part of Church of England you can submit your end of year return directly from MyFundAccounting. In order for the income to be included in the calculation of your return select the Note number for the Archbishops Council Return of Parish Finance Section here.
    13
    Click "Save"

    Adding Fixed Assets, Current Assets and Liabilities

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    In the below steps we are using creating a Current Asset as an example. The process is the same for Fixed Assets and Liabilities.